Oneida County Finishes 2015 With Budget Surplus
Oneida County finished the 2015 fiscal year in the black.
County Executive Anthony Picente says the county ended the year with a $2.9 million budget surplus, even though revenue was down about $5 million.
Picente says in addition, the county spent about $15 million in General Fund reserves on long-term debt, saving county taxpayers $3.3 million in interest payments.
The money was used to pay off $10 million in retirement costs and $3.7 million was used to fund capital projects in a pay as you go fashion instead of bonding.
“We have ended the year once again in a strong financial position by practicing good, efficient government with a commitment to fiscal responsibility.” said Picente
County Comptroller Joseph Timpano says the county's credit rating was confirmed by two of the three major credit rating institutions, with Fitch upgrading the rating from A+ to AA.
Timpano said “The commitment to our fiscal approach has continued to pay dividends for the taxpayer. We will remain diligent in monitoring spending while seizing opportunities to remove debt and save money for the taxpayer.”